The Federal District Police initiated an operation named 'Operação Infiltrados' against a criminal group that stole 7.76 million from a bank in Brazil. Furthermore, the investigation involves suspicions of obstructing justice and unauthorized access to confidential information, according to the Federal District Police statement.
According to investigative data, the suspects gained access to secret data of Caixa clients and beneficiaries to carry out electronic theft of funds. The corporation's announcement indicates that the group utilized the involvement of public officials and other suspects to hinder potential investigations and leak privileged information.
Investigative bodies also discovered support from individuals linked to illegal lotteries. The operation involved about 120 agents with the support of the Special Operations Group for Combating Organized Crime of the Federal Public Prosecutor's Office (Gaeco) to execute 25 search and seizure warrants. These warrants were carried out in the cities of Rio de Janeiro, Duque de Caxias, Nova Iguaçu, Niterói, and Cabo Frio, Rio de Janeiro state, as well as in Indaiatuba and Salto, in the inland region of São Paulo.
Caixa Econômica Federal issued a statement reporting joint work with the Federal District Police and cooperation in investigations and operations against fraud and scams. The bank emphasized that it continuously monitors its products, services, and banking transactions to identify and investigate suspicious cases. The state bank also notified that it possesses security strategies, policies, and procedures to protect the data and operations of its clients, as well as specialized technologies and teams to ensure the security of its processes and service channels.
Shares of Indian pharmaceutical companies declined on Wednesday following a statement by US President Donald Trump that imported generic drugs would benefit from zero tariffs for two years, starting August 1, 2026, after which they could face potentially very high duties.
In his post on Truth Social, Trump announced that the tariff would rise to one hundred percent after the two-year period, remain at that level for one year, and then increase to two hundred percent. This means that a 100% tariff will be in effect starting August 1, 2028, and a 200% duty starting August 1, 2029.
The Nifty Pharma index fell by approximately 1.6 percent in early trading, becoming the least successful sector index. Among companies with a share in the US market, Cipla and Lupin lost about 2.5 percent each, Sun Pharmaceutical Industries dropped by 2 percent, and Dr Reddy’s Laboratories slipped by more than 1 percent. Aurobindo Pharma, Zydus Lifesciences, Alkem Laboratories, and Torrent Pharmaceuticals also fell by up to 2 percent.
Trump stated that this policy is intended to restore the production of generic drugs in the US. Companies that do not build manufacturing facilities and install equipment in the country will face sharp tariffs after the transition period ends. This statement came amid existing pressure on the export of Indian pharmaceuticals to the US.
India's total pharmaceutical exports grew by 2.13 percent to a record $31.12 billion in the 2025-26 fiscal year (FY26). However, supplies to the US decreased by almost 10 percent year-on-year, amounting to $9.47 billion, according to data from the Directorate General of Commercial Intelligence and Statistics collected by Pharmexcil. The US remains India's largest export market, accounting for over 30 percent of all shipments. Exports to the broader North American region, including the US, Canada, and Mexico, fell by 7.9 percent in FY26.
Pharmexcil Chairman Namit Joshi previously explained the decline in US exports in FY26 as primarily cyclical, not structural, reflecting a high base level, ongoing erosion of generic prices, supply chain inventory adjustments, and product life cycle timing. Nevertheless, Indian exporters and analysts questioned the possibility of the US creating an economically competitive ecosystem for generics production within two years, given the time required for facility construction, regulatory approvals, and product transfer.
One industry source noted: 'Creating a generics ecosystem within two years seems unlikely. Perhaps investment rates have slowed or companies are maintaining the status quo, and he is trying to re-energize the situation.' The source added that the proposed tariff introduction in 2028 coincides with the US election cycle.
Namit Joshi also expressed the view that establishing a generics production ecosystem in the US in two years appears to be a difficult task. Ravi Uday Bhaskar, former CEO of Pharmexcil, considered it positive to maintain the zero tariff for two years, as this could help avoid further drug shortages in the US. He noted that Trump is 'extremely unpredictable and volatile.'
Bhaskar also called the two-year timeframe unrealistic, stating: 'I don't think it will happen due to production costs and other factors.' Bhavin Mukund Mehta, Permanent Director of Kilitch Drugs and Vice Chairman of Pharmexcil, advised the industry to await further details, as the proposed tariffs were still two years away.
Analysts believe that the difference in production costs between India and the US may continue to protect Indian suppliers even after the tariffs are introduced. Tushar Manudhane from Motilal Oswal Financial Services pointed out that production costs in India are approximately 40–60 percent lower than in the US, which is the economic basis for outsourcing generic drug production to countries like India. He suggested that even with tariffs, India's cost advantage might not disappear entirely.
Manudhane also noted that many Indian manufacturers operate through US subsidiaries, and the tariff will likely be calculated based on the transfer price at which the product enters the US, rather than its subsequent retail price in that market. He added that building a manufacturing facility alone will take at least two years, followed by inspection and product approval, which could add another 12–15 months before commercial production begins. These factors call into question the economic viability of setting up generic drug plants in the US and point to limited impact on Indian suppliers in the short term.
Nirali Shah, research analyst at Ashika Investment Managers, emphasized the significance of the announcement but noted that the market reacted before detailed rules were available. She stated: 'Companies can always set up production where it makes economic sense. The real question is whether the production of inexpensive generics can be moved back without losing their price advantage.' She also warned that the consequences extend beyond manufacturers, as 'generic drugs are widely used under Medicare and Medicaid, so any significant increase in the cost of generics will also affect government healthcare spending.'
According to the Accessible Medicines Association, generic drugs account for nine out of ten prescriptions written in the US. The proposed tariff applies to the import of generics from all countries and is not specifically aimed at India. The latest announcement is part of Trump's broader efforts to shift pharmaceutical production to the US. Previously, on April 2, 2026, a presidential decree set a default 100% tariff on certain patented pharmaceutical products and related ingredients but excluded generics and biosimilars from this tariff. However, the proposal for a generic tariff was only made via a social media post, and the official decree establishing its legal basis, product scope, valuation method, exclusions, and procedure for companies investing in US production has not yet been issued.
According to a new study by the Bureau of Economic Research (BER), the difficulties faced by South African municipalities are due to weak governance and inefficient financial management, rather than a lack of funds. The report asserts that significant reforms at the municipal level are necessary to achieve faster economic growth.
BER found that municipalities continue to receive about 75% of their operating income from their own tax bases, but they are increasingly unable to collect funds owed by residents and businesses. By December 2025, municipalities were owed R234.7 billion in unpaid consumer debt. Furthermore, municipalities had debts to Eskom amounting to R70.1 billion and to water utilities amounting to R25.9 billion, creating serious pressure on cash flow and hindering infrastructure investment.
This report was published two weeks after Finance Minister Enoch Godongwana suspended national government transfers to 69 municipalities due to governance and financial administration failures, signaling a tougher stance from the National Treasury. BER welcomed Godongwana's decision to freeze transfers to underperforming municipalities, noting that it demonstrates the National Treasury's willingness to use its constitutional powers to improve governance, despite political tensions ahead of next year's local government elections.
The report also supported reforms within Operation Vukhelindela 2.0 and the current review of the White Paper on Local Government, but warned of risks associated with attempting to implement too many changes simultaneously, deeming that 'a shorter, clearly prioritized list of high-impact changes is likely better than a long list.'
Key recommendations from BER include strengthening intervention powers under Section 139 of the Constitution, as current interventions have become a 'revolving door rather than a recovery mechanism.' It also suggests granting appointed administrators greater authority, including the ability to assume the functions of municipal managers and financial directors, to revive non-functioning municipalities. BER called for isolating municipal electricity and water services within financially sustainable models, professionalizing the appointment of senior municipal officials, reviewing the local government funding model, and completely overhauling the municipality classification system.
The report noted that nearly 70% of municipalities in the Free State, including Mangaung, faced transfer delays, followed by 57% of municipalities in the North West, while only three municipalities in the Western Cape were affected. BER concluded that South African municipalities are 'too important to fail,' as this is where economic growth occurs and where citizens interact most closely with the state, but warned that without clear reform priorities and stronger governance, implementation could be undermined by its own ambition.
The ports and logistics company JSW Infra reported a decline in quarterly profit as reduced other income and an increased tax rate offset a significant revenue growth driven by increased transportation volumes.
On Tuesday, JSW Infrastructure reported a 9.9 percent drop in profit (attributable to shareholders) for the first quarter of fiscal year 27, amounting to ₹346.6 crore. The company specified that this decrease reflects a reduction in profit before tax (PBT) and a higher effective tax rate during the reporting period.
Profit before tax for the quarter reached ₹462.8 crore, which is 2.1 percent lower, attributed to lower other income, as surplus funds were directed towards capital expenditure for current growth. The company's other income for the quarter ending June 2026 decreased by 36.8 percent to ₹56.8 crore.
The country's second-largest private commercial port operator demonstrated an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of ₹674 crore, an increase of 16 percent. Port EBITDA stood at ₹601 crore, up by 7.1 percent. JSW Infra's port EBITDA margin for the first quarter of fiscal year 27 reached 49.8 percent compared to 51.7 percent in the first quarter of fiscal year 26. The company explained the margin decline by noting that the contribution from the Fujairah liquid storage terminal in the UAE was lower.
During the earnings conference call on Tuesday, Joint Managing Director and CEO Rinkesh Roy stated that if operations in Fujairah had not been affected, the company could have generated an additional EBITDA of approximately ₹65–70 crore. The company's revenue, promoted by Sajjan Jindal, grew by 18.1 percent for the quarter, reaching ₹1,444.8 crore, driven by increased port volumes and the contribution from the logistics segment.
During the quarter, JSW Infra handled 31 million tonnes of cargo, a 6 percent increase, mainly due to strong performance at the Jayagarh port, supported by increased volumes from a key client and growth in third-party transit from new cargo segments. The cargo growth was also ensured by the steady operation of Dharmatar port, Southwest port, and the Ennore bulk terminal, as well as the contribution of temporary operations at the Tuticorin terminal. However, this growth was partially offset by reduced volumes at the Fujairah terminal due to the complex operational situation in West Asia, which also impacted third-party cargo volumes.
JSW Infra's logistics segment revenue for the first quarter of fiscal year 27 increased by 71 percent, reaching ₹237 crore, while operating EBITDA rose threefold to ₹73 crore thanks to operating leverage and contributions from the expansion of the railway wagon fleet.
JSW Infra's total expenses for the quarter rose by 23 percent, reaching ₹1,038 crore, driven by a 20 percent increase in operating expenses. During the quarter, JSW Infra completed a Qualified Institutional Placement (QIP) worth ₹7,503 crore, securing capital for future expansion and compliance with the Securities and Exchange Board of India's (SEBI) Minimum Public Shareholding (MPS) requirements.
As of June 2026, the company held a net cash position of ₹2,769 crore. Its total debt amounted to ₹7,094 crore, while cash and bank balances reached ₹9,863 crore. JSW Infra plans to increase its cargo handling capacity to 400 million tonnes per annum (mtpa) by fiscal year 30 or sooner, compared to the current capacity of 186 mtpa. To achieve this goal, the company has developed a capital expenditure plan of ₹30,000 crore and allocated ₹9,000 crore for expanding its logistics segment.
The company targets consolidated operating revenue of ₹6,850 crore and operating EBITDA of ₹3,000 crore for fiscal year 27. EBITDA is expected to grow by 15 percent compared to the base of fiscal year 26 and nearly double by fiscal year 28. In fiscal year 26, JSW Infra's operating revenue was ₹5,361 crore. The company forecasts handling 127 million tonnes (MT) of cargo in fiscal year 27 compared to 122 MT in fiscal year 26, accounting for losses in Fujairah.
The company is also working on establishing a new port in Oman. Responding to concerns related to geopolitical tensions in West Asia, Roy noted: 'The area outside the Strait of Hormuz has gained great strategic importance, whether in the UAE or in Oman. The government is now making massive investments urgently to develop this coast outside the Strait of Hormuz. We will continue this project (the port in Oman) because these wars will not last forever.'
